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The Nobel Prize confers on an individual an authority which in economics no man ought to possess.

Friedrich August von Hayek

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Friedrich August von Hayek
Age: 92 †
Born: 1899
Born: May 8
Died: 1992
Died: March 23
Economist
Historian
Philosopher
Political Scientist
University Teacher
Vienna
Austria
Friedrich August von Hayek
Friedrich von Hayek
Friedrich A. von Hayek
Friedrich A. Von Hayek
F. A. von Hayek
Friedrich August Von Hayek
Hayek
F. A. Hayek
Authority
Ought
Individual
Men
Confers
Nobel
Possess
Prize
Economics

More quotes by Friedrich August von Hayek

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Liberty and responsibility are inseparable.
Friedrich August von Hayek
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The chief difference [between totalitarian and free countries] is that only the totalitarians appear clearly to know how they want to achieve that result, while the free world has only its past achievements to show, being by its very nature unable to offer any detailed plan for further growth.
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The great aim of the struggle for liberty has been equality before the law.
Friedrich August von Hayek
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We did not realise how fragile our civilisation was.
Friedrich August von Hayek
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Inflation is probably the most important single factor in that vicious circle wherein one kind of government action makes more and more government control necessary. For this reason all those who wish to stop the drift toward increasing government control should concentrate their effort on monetary policy.
Friedrich August von Hayek
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'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.
Friedrich August von Hayek
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To combat depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about because we are suffering from a misdirection of production, we want to create further misdirection -- a procedure which can only lead to a much more severe crisis as soon as the credit expansion comes to an end.
Friedrich August von Hayek
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Conservatism is only as good as what it conserves.
Friedrich August von Hayek
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Any man who is only an economist is unlikely to be a good one.
Friedrich August von Hayek
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...the case for individual freedom rests largely on the recognition of the inevitable and universal ignorance of all of us concerning a great many of the factors on which the achievements of our ends and welfare depend.
Friedrich August von Hayek
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We shall all be the gainers if we can create a world fit for small states to live in.
Friedrich August von Hayek
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Whenever it is necessary that one of several conflicting opinions should prevail and when one would have to be made to prevail by force if need be, it is less wasteful to determine which has the stronger support by counting numbers than by fighting.
Friedrich August von Hayek
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Least of all shall we preserve democracy or foster its growth if all the power and most of the important decisions rest with an organization far too big for the common man to survey or comprehend.
Friedrich August von Hayek
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Our moral traditions developed concurrently with our reason, not as its product.
Friedrich August von Hayek
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From the saintly and single-minded idealist to the fanatic is often but a step.
Friedrich August von Hayek
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The history of government management of money has, except for a few short happy periods, been one of incessant fraud and deception.
Friedrich August von Hayek
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... I prefer true but imperfect knowledge, even if it leaves much undetermined and unpredictable, to a pretense of exact knowledge that is likely to be false.
Friedrich August von Hayek
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The younger generation of today has grown up in a world in which in school and press the spirit of commercial enterprise has been represented as disreputable and the making of profit as immoral, where to employ a hundred people is represented as exploitation but to command the same number as honorable.
Friedrich August von Hayek
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And it's a necessity [for journalists] to pretend to be competent on every subject, some of which they really do not understand. They are under that necessity, I regret I'm sorry for them. But to pretend to understand all the things you write about, and habitually to write about things you do not understand, is a very corrupting thing.
Friedrich August von Hayek
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Unlike liberalism, with its fundamental belief in the long-range power of ideas, conservatism is bound by the stock of ideas inherited at a given time. And since it does not really believe in the power of argument, its last resort is generally a claim to superior wisdom, based on some self-arrogated superior quality.
Friedrich August von Hayek